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Closing Bell: Market defies cautious earnings

Hank Paulson led the charge this morning talking about the need and credibility of the GSE's. Oil was up for a while but after Tropical Storm Dolly headed further south than the oil and gas infrastructure that locked in heavy oil selling. The major focus continues to be earnings and financial stocks in particular. Below are today's unofficial closing bell levels:
DJIA 11601.60 (+134.26)
S&P500 1276.80 (+16.80)
NASDAQ 2303.96 (+24.43)
10YR T-Note 4.097 (+0.03%)
52-Week Lows
Top Analyst Calls

American Express Company (NYSE: AXP) was one of the more poor financial stocks today after the company choked on earnings last night. It is also facing deteriorating business despite it being thought of as the highest quality credit card around. Shares were down 9.2% at $37.13 in today's final minutes.

Apple Inc. (NASDAQ: AAPL) was a big-sized loser in the morning after the company beat earnings but gave cautious guidance last night. Shares actually recovered sharply from this morning's losses and were "only" down 4.4% at $158.92 in today's final minutes.

Caterpillar Inc.
(NYSE: CAT) rose after its earnings beat expectations. While the guidance ahead is in line with some cautious comments on the economy, the great word about emerging markets had shares up 2% to $74.73 in today's final minutes of trading.

Sirius Satellite Radio Inc. (NASDAQ: SIRI) was down almost 4% at $2.32 in today's final minutes after word came out that an FCC commissioner was voting against the merger.

UAL Corp. (NASDAQ: UAUA) traded up a monster 64% to $8.21 by today's final minutes of trading. The airline lost about $2.7 billion on high fuel costs, but the company also disclosed that it had raised its job cut goals and raised about $1.7 Billion in asset related sales.

Wachovia Corporation (NYSE: WB) managed to buck bad earnings, severe writedowns, and a monster dividend slash. But the company said it would not need to raise any dilutive capital via share sales. In today's final minutes shares were up about 17% at $15.45.

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Last updated: December 02, 2008: 07:54 AM

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